Question 1

Can newcomers to Canada qualify for a mortgage?

Accepted Answer

Yes. Newcomers may qualify with:
 • Valid work permit or permanent residency
 • Proof of income
 • Minimum down payment
 Special newcomer programs are available.

Question 2

Is the lowest rate always the best option?

Accepted Answer

Not necessarily. Some low-rate mortgages come with restrictions or high penalties. The right mortgage balances rate, flexibility, and long-term cost.

Question 3

How many lenders do you work with?

Accepted Answer

I work with 50+ lenders, including major banks, credit unions, and alternative lenders.

Question 4

Should I renew my mortgage with my current lender?

Accepted Answer

Not always. Your current lender may not offer the best rate or terms. Reviewing your options before signing can save you money and avoid restrictive mortgage conditions.

Question 5

When should I start reviewing my renewal options?

Accepted Answer

Ideally 4–6 months before your renewal date. This allows time to explore better rates or switch lenders without pressure.

Question 6

What is mortgage refinancing?

Accepted Answer

Refinancing means replacing your current mortgage with a new one—often to:
 • Access home equity
 • Lower interest rates
 • Consolidate debt
 • Change mortgage terms or amortization

Question 7

How much equity can I access when refinancing?

Accepted Answer

You can typically borrow up to 80% of your home’s appraised value, including your existing mortgage balance.

Question 8

Is refinancing always a good idea?

Accepted Answer

Not always. Refinancing may involve costs such as penalties, legal fees, or appraisal fees. I’ll help determine if refinancing actually benefits you financially.

Question 9

Down Payment​

Accepted Answer

• If down payment is less than 20% then mortgage default insurance is required. This is referred to as a high-ratio mortgage or insured mortgage.
    • There are 3 insurers in Canada. CMHC, Sagen and Canada Guaranty
    • Mortgage default insurance is typically added to the overall mortgage amount

• If down payment is 20% or more then mortgage default insurance is not required. This is referred to as a conventional mortgage or an insurable mortgage.
​
The higher down payment, the more equity there is in the home. Therefore it is less risk for a lender when approving the mortgage loan. If down payment is lower, then there might be more risks for a lender to consider.

Question 10

Employment History​

Accepted Answer

When lenders review employment history, they prefer to see a steady employment history. This ensures the borrower has consistent income. Lenders typically prefer applicants who have held the same job or worked in the same field/industry for several years, as this demonstrates income stability.
However, a shorter tenure won’t necessarily disqualify you. Especially if you’ve had steady income over the past year and can show consistent earnings. 
Currently in probation or new employment are reviewed on a case by case basis. There have been many instances that lender has approved the mortgage due to the overall application.
​
Self-employment history is also best to have two years history. Lenders do have programs do self-employed applicants with less than 2 years history. They may ask for additional information such as previous income history and work history.

Question 11

Income​

Accepted Answer

When applying for a mortgage, lenders will look at the total "gross income". This is the income you make before taxes and deductions. ​Income sources considered may include employment, overtime, bonuses, commissions, self-employed, dividends, pension, Canada child benefits, disability, etc. Calculation of how the income is calculate may vary.​
Lenders evaluate what portion of your income goes toward housing and compare your current housing costs with those of the home you're planning to buy. The smaller the increase, the stronger your application looks.

Question 12

Credit History​

Accepted Answer

A good credit history is not only determined by a credit score. Credit score is important, however lenders will consider the entire credit report. This includes but is not limited to, length of credit history, how long credit accounts have been active, repayment history, previous closed accounts, outstanding balances and more.

Question 13

Debts

Accepted Answer

Debts such as auto loans, line of credits, credit cards, spousal support, child support will be included on a mortgage application. Qualification numbers are ran by comparing income and debts to see if income is strong enough to support the existing debts and the new home. Less debts, lower balances or lower debt payments will help with qualifying.
If you're looking to pay off the debts you have, we can help you seek debt consolidation options with the equity in your home.

Question 14

Property Value​

Accepted Answer

When purchasing a home, renewing or refinancing, it is important to ensure that the purchase price is supported by the market value of similar homes. This gives the lender best assurance of recovering the money if a mortgage was to be defaulted and the home needs to be taken and sold. In some occasions, a property appraisal may be required.

Question 15

Proof of Identity​

Accepted Answer

Confirming identity is important when taking out any loans. Asking for identification is part of the process, this is to help ensure that no one is using your identity to borrow money or commit fraud.

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